Fat cat bonuses for Airtours bosses

Airtours executives
doubled their pay packets with bonuses of more than £2m last year, despite 2000
being a tough trading year for the travel firm.

Chairman David Crossland
received a £402,000 bonus to take his total salary up to £1,039,000 and chief
executive Tim Byrne was awarded a £325,000 bonus, boosting his take-home pay to
£902,000, according to the company’s accounts.

Directors Richard
Carrick and Peter McHugh were also given bonuses, taking their overall pay up
to £667,000 and £723,000 respectively.

The accounts reveal that
former European operations director Lars Thuesen was paid compensation of
£948,000 following his resignation in July.

The bonuses came as the
group reported record profits for last year, despite the events of 11
September.

The terrorist attack
cost Airtours £11.4m and as a direct result of 11 September the group shed1,600 jobs – on top of 1,200 jobs cut
earlier in the year as part of restructuring.

Airtours has admitted
that the year ahead will be challenging for the company.